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Capital Gain on Mutual Fund in ITDe Form new portal

This query is : Resolved 

For entering the capital gain/loss on redemption of Debt Mutual Funds there is no separate line item. We have to enter it under 'Sale of assets other than listed above'. Under Consideration we will put the redemption value. For the cost of purchase we have to put under Deductions under sec 48.
Section 48 is only for NRIs. What should Residents do?

Section 48 of IT act is for mode of computation of capital gain for all the assessee, including RESIDENT INDIAN.
Few provisions are specifically for NRI...

Thank you very much. Every site that I Googled only spoke of NRIs under Section 48. That was the reason for the confusion.

For understanding the sec. 48 of IT act ... Refer..

The first proviso to section 48 is applicable when a non-resident had purchased an asset being a share or debenture with foreign currency, converted into Indian rupee. It stipulates that on transfer of the said share or debenture the consideration received in Indian rupee should be reconverted into the same foreign currency. Therefore the first proviso to section 48 of the ITA enables a non-resident to neutralize an exchange rate fluctuation when computing long term capital gains. Both provisos operate independently and have a different purpose and objective.

The second proviso to section 48 is applicable to all others including non-residents, who are not covered by the first proviso and they are entitled to benefit of cost of indexation which neutralize inflation and therefore second proviso enables both residents and non-residents (not governed by the first proviso to section 48) to neutralize the effect of inflation by deducting the indexed costs of acquisition of the shares in computing long term capital gains . Both these provisos have a distinct area of operation and have different purpose and objective.
Finally, fifth proviso is specifically applied to NRI...

Thanks for the detailed message. I went to the site which you had recommended and it is also full of NRI and foreign exchange. Could not find even one place where the Resident is mentioned. This is true of all the sites that come up on Google.

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